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World Market Building Plan Gains Steam

LAS VEGAS-Construction on the third building is expected for July 2008 and developers are planning for 2013 or sooner to complete all eight buildings in the masterplan.

By Daniel D. Williams | Updated on February 28, 2007

LAS VEGAS-A month after the completion of Las Vegas Market, the annual home furnishings trade show, development plans are unfolding for the masterplan of World Market Center. Developers are eyeing completion of a 2.1-million-sf, $540 million third building by July 2008 and plan to begin work on a fourth building by the end of the year. The site will top 7-million sf within the next three years.

“Accelerating the development of the project allows World Market Center to achieve critical mass in a few short years,” says Ron Wackrow, vice president of The Related Cos., a partner in World Market Center. Wackrow says the completion of all eight buildings is expected by 2013 or sooner. “Our plan is to execute continuous and overlapped construction of all remaining phases of development,” he adds. At buildout the site will cost $3 billion and total 12 million sf.

The 16-story third building is more than one-third pre-leased to manufacturers in various sectors of the home furnishings industry, according to World Market Center officials. Also, construction has commenced on a new parking garage at the site.

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